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Mumbai, 9th May 2025: War rarely leaves anything untouched, especially not real estate. We may not necessarily be talking about decimated buildings – though those must be factored in within the actual conflict zones. Armed conflicts generally have a negative effect on economies, except if a country has reconfigured itself as a ‘war economy’. Such economic reinvention happens only during protracted wars and comes with several human costs. Wars also stall construction and dampen end-user and investor confidence. Aspiring homebuyers put decisions on hold. Retailers put a brake on their expansion plans, and tourists postpone their travel plans. Real estate markets adapt, pause, and then bounce back. If we consider India’s last two most significant military engagements — the Indo-Pak war in 1971 and the Kargil war in 1999, we saw this process unfold in all the four critical real estate sectors: residential, commercial, retail, and hospitality. War – The ‘Real’ Impact War creates several economic effects and side-effects which impact the real estate market in different ways: Reduced end-user and investor confidence – Homebuyers delay purchases, businesses delay office leases, and investors seek safer havens like gold (and, these days, cryptocurrencies) Raw materials get scarce – The key inputs for construction – steel and cement – may be diverted to fortify the country’s defence infrastructure, and/or see steep price hikes Government spending pivots – Governments will spend more on its military and reduce spending on infrastructure and consumer real estate Capital values may take a hit – While armed conflicts do not impact rentals much, housing capital values may reduce because of lower demand 1971 Indo-Pak War: Construction Screeches to Standstill The 13-day conflict in December 1971 did a lot more than redraw India’s borders — it brought the country’s economy to a virtual standstill. There was a huge dip in GDP growth – from 5.4% in FY1970 to 1% in FY1972. Simultaneously, inflation spiked beyond 11% and construction was largely restricted to military sites. Impact on the Housing Market In the financial capital of Mumbai – then Bombay – the state government put an iron grip on cement and steel, which resulted in a 12% reduction in the approval of housing projects. Thankfully, the rent control laws remained unyielding, so housing rental rates did not spike even though inflation raged out of control. Not surprisingly, property registrations in the city reduced by almost 10% in 1971. Impact on Commercial Real Estate There were no FDI inflows worth mentioning, the development of private office spaces came to a grinding halt. Locations like Mumbai’s Fort area and Delhi’s Connaught Place saw massive vacancy rates – however, office rentals did not sink because of the limited supply, and due to inflexible regulations. Impact on Retail Real Estate Back in 1971, India’s high-street retail scene was mostly unorganised and uncharted, but local shops in Old Delhi and Kolkata saw a significant drop in footfalls. According to available court records from 1971, shop rent disputes in Mumbai rose by 18% due to increased stress among tenants. Impact on Hospitality Real Estate Unsurprisingly, tourism in India was impacted by the war. From 2.02 million in 1970, Foreign Tourist Arrivals (FTAs) reduced to 1.96 million in 1971. In Delhi, hotel occupancy dropped to under 45% and even the hospitality major of the day – the Indian Hotels Company – saw revenues drop in double-digits, especially in areas that were directly affected by the way – especially Srinagar. The 1999 Kargil War: A Short but Hard Impact The Kargil standoff, which latest three months, resulted in considerable short-term market panic. However, India’s economy was liberalised and far more resilient by then, and recovered quickly. Impact on the Housing Market The 1999, the country’s real estate market was already reeling under the impact of the Asian financial crisis. This time, housing rental values did take a direct hit – in Delhi and Mumbai’s prime residential locations, rental values plummeted by anywhere between 3–8% in these three months and bottomed out by 1999-end. Interestingly, despite the conflict and all its ramifications, luxury apartments in Mumbai’s Cuffe Parade still commanded then-handsome prices of between INR 20,000-23,200/sq.ft. Impact on Commercial Real Estate 1999 saw approx. 4.8 million sq. ft. of new office space hitting the main cities. In CBDs like Connaught Place, vacancies increased anywhere between 11-15% and rentals dropped marginally. Large international companies did not cancel their leases, but did defer them in most cases. Back then, Bengaluru was not yet India’s fully-established Silicon Valley, but places like Koramangala had full-fledged IT parks which saw undeterred leasing at rents ranging between INR ₹35–65/sq. ft./month. Impact on Retail Real Estate The Kargil war coincided by the finishing touches being made to the country’s pioneering malls – Mumbai’s Crossroads and Delhi’s Ansal Plaza. Premium retail real estate, a shiny novelty in 1999, commanded higher rents than commercial real estate, but the conflict prompted most enlisted retailers to put their store openings on hold. Impact on Hospitality Real Estate Surprisingly, except in the directly affected regions, the tourism industry remained remarkably robust. 1999 saw a 5.3% increase in Free Trade Agreements (FTAs), thanks largely due to the then-incumbent government’s push to tourism and also a subdued rupee. North India saw spiralling hotel cancellations to the tune of anywhere between 20–30% in these three months. Hotels in Delhi and Kashmir took a major body blow, with MICE bookings getting cancelled en masse. Interestingly, Kargil became a popular tourism destination after peace was restored and by 2003, saw its tourist footfall double to 44,000/year over the pre-war numbers. Real Estate Resilience – What Lies Beneath India’s real estate market benefited from three major factors after both these wars – pent-up demand (the need for homes and offices obviously continued), stricter regulations (RBI’s conservative lending norms kept leverage low, which helped curtail panic), and quick stock market recover. While the Nifty dropped approximately 5% at various points of these two conflicts, it snapped back within 5-6 months to deliver positive returns. Today – The

Mumbai, 8th May 2025: With the Maharashtra Real Estate Regulatory Authority (MahaRERA) recently completing 8 years of existence and entered it’s 9th year, the total number of housing projects registered with the state’s regulator has surpassed the 50,000 mark. This makes Maharashtra the only state in India to cross the 50,000 registered residential projects mark. Currently, a total of 50,162 housing projects are registered with MahaRERA. The distant second is Tamil Nadu with 27,609 housing projects, followed by Gujarat with 15,322 residential developments. MahaRERA Chairman Manoj Saunik said, “The total number of housing projects registered with MahaRERA, which has recently completed its 8th year and entered 9th year, has surpassed 50,000. This is a moment of achievement for the industry-friendly and ever-progressing Maharashtra. Until a few years ago, the real estate sector, which was largely limited to the Mumbai Metropolitan Region or Pune region, but now it is expanding all across the state. The consistently increase in the demand for houses across Maharashtra is an indicator of state’s social and economic development. While legally empowering homebuyers, the MahaRERA also ensures that the grievances are equal to negligible. MahaRERA strives to ensure homebuyers do not have any grievances.” In India, only these three states have the housing projects in five figures. According to the statistics on the Ministry of Housing and Urban Affairs website, a total of 1,44,617 housing projects have been approved by all the RERA bodies in the nation. Maharashtra alone accounts for over one-third or about 35% of the total housing projects in India. MahaRERA was established in 2017 to regulate the real estate sector in the state. Maharashtra was one of the first state to set up the regulatory authority under the Real Estate (Regulation and Development) Act, 2016. Recently MahaRERA celebrated its eighth anniversary of formation. Of the total 50,162 projects in Maharashtra, 12,788 housing projects are alone in Pune district, followed by 6,746 in Thane district, 5,907 in Mumbai suburbs and 5,360 in Raigad district. Konkan region, which includes the Mumbai Metropolitan Region (MMR), has the highest number of residential projects at 23,770. This is followed by 15,932 in the Pune region, 4,621 in North Maharashtra, 2,764 in Nagpur area, 1,886 in Chhatrapati Sambhajinagar region and 957 in Amravati region. District-Wise Projects Konkan Region – 23,770 Mumbai City – 1,284 Mumbai Suburban – 5,907 Thane – 6,746 Raigad – 5,360 Palghar – 2,899 Ratnagiri – 1,087 Sindhudurg – 487 Pune Region- 15,932 Pune – 12,788 Satara – 1,088 Kolhapur – 785 Sangli – 757 Solapur – 514 North Maharashtra Region – 4,621 Nashik – 3,854 Ahilyanagar – 455 Jalgaon – 230 Dhule – 65 Nandurbar – 17 Nagpur Region – 2,764 Nagpur – 2,497 Chandrapur – 218 Bhandara – 36 Gadchiroli – 10 Gondia – 3 Chhatrapati Sambhajinagar Region – 1,886 Chhatrapati Sambhajinagar – 1,385 Latur – 136 Nanded – 97 Jalna – 93 Beed – 93 Dharashiv – 46 Parbhani – 29 Hingoli – 07 Amravati Region- 957 Amravati – 423 Wardha – 280 Akola – 112 Yavatmal – 61 Buldana – 54 Washim – 27 Dadra Nagar Haveli – 180 Daman – 52

Pune, Maharashtra — May 7, 2025 — Pune’s thriving real estate sector is set to witness a major networking opportunity as industry professionals gather for “Connect and Collaborate”, a high-impact event designed to foster strategic partnerships and cross-industry collaboration. The event will take place on Thursday, May 8, 2025, at 4:00 PM in Baner, Pune. Conceptualized by Siddharth Chincholikar, the initiative brings together a diverse group of stakeholders from the real estate and construction ecosystem, including builders, architects, realtors, project consultants, interior designers, material suppliers, legal advisors, financial experts, and more. “In a market that’s evolving rapidly, collaboration is not just a strategy—it’s a necessity. We believe the best way to kill competition is to co-create and grow together,” Siddharth Chincholikar, Founder and Organizer. With a focus on organic, meaningful interaction, Connect and Collaborate promises an environment conducive to knowledge sharing, resource exchange, and joint venture exploration. Attendees can expect engaging discussions, B2B networking, referral opportunities, and the potential for long-term professional relationships that drive growth and innovation. This gathering serves as a dynamic platform for both established professionals and new entrants looking to integrate into Pune’s collaborative property network. Event Details: Date: Thursday, May 8, 2025 Time: 4:00 PM onwards Location: Venue in Baner, Pune Contact: 8888999504 Whether you’re a seasoned real estate veteran or an emerging player in the sector, Connect and Collaborate offers an invaluable opportunity to be part of a movement that champions unity, synergy, and shared success. Join the conversation. Connect. Collaborate. Create the future of Pune real estate.

Pune, 7th May 2025: After three successful editions in Kolhapur since 2022, the GBN Group brought its flagship business networking event — the 1-2-1 Aabha Conclave — to Pune for the first time. The full-day event took place at Hotel TipTop International, Wakad, from 9:00 AM to 7:00 PM on May 6. Unlike conventional business summits, the conclave was designed as a pure networking platform with no stage sessions or keynote speeches. Instead, it focused entirely on one-on-one business meetings, enabling participants to connect directly, exchange referrals, and explore collaboration opportunities. The Pune edition witnessed over 150 one-to-one meetings in a single day, reflecting the conclave’s growing impact and relevance. What sets GBN Group apart is its no annual membership fee policy, making it the only business networking group of its kind. By eliminating financial barriers, GBN has built an inclusive community where entrepreneurs and business owners can foster meaningful, growth-oriented relationships. The 1-2-1 Aabha Conclave Pune delivered a high-energy, distraction-free environment tailored for authentic business engagement.

Pune, April 1, 2025 — In a landmark move aimed at enhancing transparency, efficiency, and citizen convenience in property transactions, the Government of Maharashtra has officially launched the next phase of its ambitious ‘One State, One Registration’ scheme in Pune and Thane districts, effective April 1, 2025. Under this initiative, property owners can now register land documents at any sub-registrar office within their respective districts, regardless of where the property is located. For example, a resident of Pune city can now register a property in Maval or Baramati at any sub-registrar office within Pune district. Similarly, residents of Thane district can access any of the 27 sub-registrar offices across the district for registration purposes. Originally announced by Chief Minister Devendra Fadnavis in January 2025, this reform is part of a broader vision to modernize and digitize government services across Maharashtra. The Department of Registration and Stamps, in collaboration with the National Informatics Centre (NIC), is spearheading the digital upgrade of hardware and software systems at all 519 sub-registrar offices across the state to facilitate seamless implementation of the scheme. Following a successful pilot rollout in Mumbai city and suburbs, where over 600 documents were registered across 32 offices, the initiative has now been extended to 49 offices in Pune (28 urban, 21 rural) and 27 in Thane (18 urban, 9 rural). In addition to property registration reforms, the government is also rolling out the enhanced Leave and License 2.0 system. This upgrade enables users to pay stamp duty directly via the registration portal, eliminating the need to switch between multiple platforms. Furthermore, agreements will now be available in Marathi, ensuring accessibility for the local population. “The ‘One State, One Registration’ scheme is a key step in realizing our vision of faceless, paperless, and transparent governance. It significantly reduces congestion at sub-registrar offices and saves valuable time for citizens,” said an official from the Department of Registration and Stamps. The department has also reported impressive progress in revenue collection, achieving 95% of its ₹55,000 crore target for the 2024–25 financial year, with ₹52,210 crore collected as of March 17, 2025. This performance underscores the success of recent reforms and the department’s commitment to service excellence. For more details, please visit the [https://igrmaharashtra.gov.in/ official website or contact your nearest sub-registrar office. Media Contact: Public Relations Office Department of Registration and Stamps, Maharashtra Email: [email protected]

Mumbai, 28th April 2025: Usually, complaints filed with the Maharashtra Real Estate Regulatory Authority (MahaRERA) are heard in the order of seniority. Earlier this month, the regulator issued a circular detailing out conditions and exceptional circumstances wherein the cases would be given priority out of turn or irrespective of their seniority. The detailed guideline lists 7 reasons. These are as follows: If the complainant is suffering from a life-threatening illness If the complainant or respondent has filed a complaint for review or rectification of the order passed or it’s on non-compliance of the an order When an Appellate Tribunal or a Higher Court directs on disposing the complaint in a time bound manner or if directs to hear the case afresh If the dispute has been mutually settled before the Conciliation Bench or out of court If the complainant wants to withdraw the case Where the issue of maintainability of the complaint arises If there are multiple petitions from the same project. Seniority of the first petition filed will be considered while clubbing the remaining complaints In such exceptional circumstances, the regular practice of following the chronological order or filing date will be relaxed and hearings may be conducted on a priority basis. An applicant requesting a priority hearing owing to a life threatening illness will have to mandatorily submit a certificate from a relevant specialist doctor. Furthermore, in all other petitions, the complainant will have to file the complaint along with appropriate and supporting documents. Without such documents, the request for priority hearing will not be entertained. The decision has been undertaken by MahaRERA keeping in mind delivering relief to the complainants, who are undergoing exceptional and specific circumstances. The circular unambiguously elaborates the exceptional circumstances. Through a circular, MahaRERA has issued detailed guidelines on the subject and comes into effect immediately. Additionally, if necessary, it will be MahaRERA Chairman’s prerogative to decide, based on the merits of the case, if the seniority can be bypassed or not.

Mumbai  22th April 2025  According to the provisions of the Real Estate (Regulation and Development) Act, 2016, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has been entrusted with the responsibility of protecting the interests of both developers and allottees. If allottees have complaints such as non-possession of units, demands for amounts higher than agreed upon, etc., they can file complaints with MahaRERA. The authority has the power of a civil court and can issue orders accordingly. It also has the power to impose interest, penalties, or compensation on either the promoter or the allottee found violating the rules. If any party fails to comply with MahaRERA’s order, the recovery of imposed interest, penalties, or compensation is to be executed by the Collector as per the provisions of the Maharashtra Land Revenue Code, 1966. Accordingly, since a significant amount is pending for recovery in districts like Mumbai City, Mumbai Suburban, Pune, Thane, Palghar, and Raigad, a proposal was under consideration to appoint Dedicated Revenue Recovery Officers under the supervision of District Collectors. Government Order: As per the Central Government’s circular dated 1.1.2024, it is recommended that the charge of Dedicated Revenue Recovery Officer be assigned to the Additional Collector/Sub-Divisional Officer of the respective district. Hence, under the Maharashtra Land Revenue Code, 1966, the following appointments are being made for the recovery of warrant amounts in Mumbai City, Mumbai Suburban, Pune, Thane, Palghar, and Raigad: Details of Appointments: Sr. No. District District Supervising Officer Dedicated Revenue Recovery Officers 1 Mumbai City Collector, Mumbai City 1. Additional Collector/Sub-Divisional Officer 2. Deputy Collector 2 Mumbai Suburban Collector, Mumbai Suburban 1. Sub-Divisional Officer 2. Deputy Collector 3 Thane Collector, Thane 1. Deputy Collector 2. Additional Collector/Sub-Divisional Officer 4 Pune Collector, Pune 1. Deputy Collector 2. Sub-Divisional Officer 5 Palghar Collector, Palghar 1. Deputy Collector 2. Sub-Divisional Officer 6 Raigad Collector, Raigad 1. Deputy Collector 2. Sub-Divisional Officer The respective District Collectors will act as Coordination Officers and distribute the responsibilities of recovery among the appointed officers. They must also regularly report the details of the recovery activities to the State Government and the MahaRERA office. This order has been published on the Maharashtra Government’s website (www.maharashtra.gov.in) with code 202504221740556219, and is issued with a digital signature. By order and in the name of the Governor of Maharashtra (G.L. Sul) Joint Secretary, Government of Maharashtra Copies to: Collectors of Mumbai City, Mumbai Suburban, Pune, Thane, Palghar, Raigad 2. Additional/Sub-Divisional Collectors of the respective districts 3. Secretary, MahaRERA 4. Additional Secretary, Home Department 5. Department of Revenue and Forest, Mantralaya, Mumbai

Pune, India, 19th April 2025 – The much-anticipated inauguration of the TAB Terra Casa & FashionTV luxury real estate brand initiative, a signature project by the Tejas Arun Bahirat Patil Group took place on the 18th of April ‘25 at the opulent JW Marriott, Pune. The inauguration event of TAB Terra Casa was graced by the presence of Soha Ali Khan, the renowned Bollywood celebrity and artist with a distinguished legacy in the film industry, alongside FashionTV MD Kashiff Khan, a global franchise expert and Rukmani Singh Hooda, Director FashionTV India. The event also saw a gathering of prominent industrialists, media personalities, artists, environmental advocates and local dignitaries; making it a momentous occasion that reflected the fusion of luxury, lifestyle, eco-sustainability & innovation that TAB Terra Casa truly represents. Renowned for their focus on eco-friendly designs, sustainability and avant-garde architectural concepts, the TAB group’s newest venture is designed to offer unparalleled luxury while maintaining a commitment to environmental responsibility. In partnership with FashionTV, the world’s leading fashion and lifestyle media brand, TAB Terra Casa introduces NA-sanctioned premium villa plots for the discerning buyers. These plots are meticulously designed with eco-friendly principles, honoring the values of Mother Nature while perfectly adhering to Vastu Shastra. The design reflects a deep-rooted belief in Indian spirituality and values, blending tradition with modern luxury. What Is TAB Terra Casa? The TAB Terra Casa project stands as a testament to the vision of Shri Tejas Arun Bahirat Patil, whose leadership has been instrumental in championing sustainable development in the real estate sector. The project incorporates cutting-edge designs, energy-efficient technologies and sustainable practices to create a luxurious yet eco-conscious living space. The TAB Terra Casa project will offer an array of NA-sanctioned villa plots that offer ample scope to develop premium residential villas, blending modern luxury with the tranquil charm of the natural surroundings, enabling several eco-conscious features in their architectural blueprints. The TAB project is aimed at minimizing the environmental footprint while maximizing the comfort & convenience of its residents. It is well-connected to the Pune main city, with several modern amenities, schools, colleges & hospitals in the neighboring vicinity. “We are proud to present TAB Terra Casa which reflects our ongoing commitment to sustainable development and innovation in the real estate sector,” said Shri Tejas Arun Bahirat Patil, Founder of the Tejas Arun Bahirat Patil Group. “This project is a perfect blend of luxury, nature, and cutting-edge design principles. We believe it sets a new benchmark for eco-friendly living in the region and offers our residents a truly unique and sustainable lifestyle.” Adding to the momentum of the occasion, Mr. Kashiff Khan, FashionTV, MD, stated, “This luxury real estate project profoundly honors environmental consciousness, while adhering to the principles of Vastu and respecting tradition. It seamlessly integrates modernity with luxury, offering an eco-friendly lifestyle that beautifully combines sustainability with sophistication.” Further highlighting the point, Ms. Rukmani Singh Hooda, Director FashionTV India, added “This partnership is very close to my heart because it’s about storytelling through spaces. With F Villas Terra Casa, we’re turning the idea of “home” into a curated lifestyle, elegant, serene and chic.” Speaking at the momentous occasion, celebrated Bollywood actress & celebrity, Soha Ali Khan, reflected “ I uphold a legacy in acting and take great pride in being a part of prestigious legacies in real estate such as TAB Terra Casa and FashionTV, a global brand that’s recognized in the luxury lifestyle sector. The TAB Terra Casa project holds a special place in my heart, as it aligns with my passion for environmentally sustainable practices.” The TAB Terra Casa project is expected to attract discerning buyers looking for high-end properties that offer both luxury and sustainability, in one of Pune’s most sought-after and scenic locations. Project can be viewed at ftvrealestate.in or sales contact +91 86575 52990 About the Founder of TAB, Mr. Tejas Arun Bahirat Patil Tejas Arun Bahirat Patil is a visionary leader with a BE in Civil Engineering from the prestigious Pune University. With a legacy rooted in designing & developing eco-friendly real estate projects, his work prioritizes eco-conscious designs, solid waste management, renewable energy and petroleum conservation. His work in the realm of sustainable development has earned him numerous accolades from the government, honoring his efforts in promoting environmentally responsible construction and urban planning. About FashionTV And Mr. Kashiff Khan FashionTV, world’s largest fashion and lifestyle media brand was conceptualized by Mr. Michel Adams, Founder-Chairman of FashionTV, in the year 1997 with a mission to expand the business of luxury, fashion, lifestyle and glamour to several Nations. Mr. Kashiff Khan, the Managing Director of FashionTV aims to extend his philosophy and expand the businesses of FashionTV into India- the second most populated country with enormous market potential. FashionTV presents F Real Estate Brand Licensing that is an entire brand vision in the luxury real estate spectrum, comprising different kinds of real estate licensing verticals, ranging from residential to commercial, including hospitality. Exploring new vistas in luxury real estate, the core focus of FashionTV is on inventing the future of Real Estate, with an emphasis on luxury & innovation.

Pune, 17th April 2025 – CREDAI Pune Metro, the apex body of private real estate developers in Pune, has elected Mr. Manish Jain as its new President for the term 2025-27. With an extensive background in the real estate sector and plant bio-technology, Mr. Jain brings a wealth of experience and strategic vision to the organization. Manish has done his Masters in Business Administration from the University of Southern Mississippi. On being elected as the new President of CREDAI Pune Metro, Mr. Manish Jain said, “I am honored to take on this role and look forward to working towards the growth and sustainability of Pune’s real estate sector. CREDAI Pune-Metro will continue to focus on innovation, transparency and collaborative efforts to shape a better future for developers, home buyers & all stakeholders.” Under his leadership, the association will focus on several critical areas, including addressing environmental clearances issues in PCMC & surrounding 5km radius, the Development Plan (DP) for PMRDA, ensuring fair water allocation and metering for projects, and streamlining processes to improve ease of doing business. Additionally, emphasis will be placed on advocating amendments in relevant acts and regulations, and encouraging the adoption of advanced technologies to improve construction quality, speed, and cost-efficiency. He will also focus on detail structuring of the systems & processes of the Association Mr. Manish Jain, President, CREDAI Pune Metro has taken charge from – Ranjit Naiknavare, Imm. Past President, and now Vice President for CREDAI National. The new team will also consist of Arvind Jain, Aditya Javdekar, Vinod Chandwani, I.P. Inamdar, Nitin Nyati, J.P. Shroff as Vice Presidents, Ashwin Trimal as the Secretary, and Tejraj Patil as the Joint Secretary and Mr. Akhil Agarwal as a Treasurer. Mr. Kapil Gandhi will continue to handle Public Relations. The Managing Committee includes: Sanjay Deshpande, Manish Kaneria, Anup Jhamtani, Punit Oswal, Ketan Ruikar, Dilip Mittal, Rinku Shewani, Siddharth Moorthy, Ishaan Magar, Kapil Trimal, Sapna Rathi, Milind Talathi, Hiren Parmar, Ashish Jain, Bhushan Palresha and Nilesh Vohra. An official installation ceremony, also known as the change of guard ceremony will take place on 26th April 2025 About CREDAI-Pune Metro: Founded in 1982, CREDAI-Pune Metro is an association representing over 2000 member developers in Pune. The organization supports the real estate sector through policy advocacy, training, workshops, and seminars, enabling its members to stay informed about industry trends and regulatory updates.   Media Contact: Zainab Jariwala – 8451996739 or [email protected] Devendra Nazare- 9764770840 or [email protected]

Mumbai, 9th April 2025: RBI’s decision to reduce the repo rates by 25 bps (to 6%) second time this year was expected to the backdrop of moderating inflation. Home loan borrowers may not see much meaningful or immediate interest rate relief. Banks have not transmitted earlier MPC rate cuts to borrowers because of higher funding costs, pressure on net interest margins, higher NPAs, and a cautious lending climate. If banks do pass on the benefits of the last two rates cuts, it will be a boost to homebuyers, particularly for those eyeing affordable housing. Many first-time homebuyers who had been hesitating to take the plunge may make their move if home loan rates reduce. Housing prices have risen across the top 7 cities in the last one year. As per ANAROCK Research, Q1 2025 saw average housing prices rise by anywhere between 10-34% in the top 7 cities, with NCR and Bengaluru recording the highest 34% and 20% jump, respectively. The average prices in top 7 cities collectively stood at approx. INR 7,550 per sq. ft. in Q1 2024-end, while in Q1 2025-end it increased to approx. INR 8,835 per sq. ft. – a collective increase of 17% annually. Home loan borrowers whose lenders don’t pass on the rate cut could consider negotiating a lower rate or a balance transfer. They should keep their expectations realistic as there may be only partial relief, if any. Any potential EMI reduction should be used to prepay home loans or invest for higher returns instead of on mere consumption. By Anuj Puri, Chairman – ANAROCK Group